2017 has been a year of corporate growth, and with growth, comes the need for placing the right talent. This has led to today’s job market, which is joined by a new set of problems for companies to solve: namely, how to hire in a candidate’s job market. Top Echelon, a recruiting software company, surveyed over 5,000 recruiters regarding top placement industries. About half of placements were comprised of only 5 industries:
- Healthcare
- Engineering
- Manufacturing
- Information Technology
- Accounting & Finance
Top Echelon also conducted research indicating that there was a higher demand for STEM industry positions than any other field. Analysts forecast that revenue growth for large medical-device companies will range between 4 and 5 percent year over year for the next few years and pharmaceutical growth will reach 6.5%. Add this to the lowest unemployment rate in nearly 17 years of 4.1% in October – and you have candidate’s job market! So we suggest you take an unflinching look at your hiring timeline to make sure you are closing the deal with the best candidates available.
Do you remember when you were a kid and you had to wait and wait to open your Christmas presents? Time moved so slowly. Similarly, some candidates feel the application and interview process moves much too slowly. We have personally seen great candidates lose interest, get worn out or get recruited by other firms while companies slog through the process. Companies who want the best candidates need to be nimble and streamline their process. SHRM (Society for Human Resource Management) pointed out that in 2010, a position was filled in an average of 12.6 days. Shockingly, the number grew to 22.9 days in 2014. In 2016, time to fill averaged 42 days with the best candidates being off the market in just 10 days. If this reflects your hiring timeline, it is time to snap it up!
How can this be accomplished?
Be diligent in your background work to indicate what skills are absolutely required vs. skills that are not as pertinent. Understand your needs from the beginning of the interviewing process and give yourself a time advantage when vetting prospective employees.
Differentiate yourself as a proactive company in the hiring process and show candidates that they and their time are valued. Streamline your application process and potentially update the technology you use to recruit candidates. Ensure the hiring process is a top priority for everyone involved. Schedule interviews quickly and get immediate feedback from participants. Resist the urge to pool candidates so you can make comparisons. Begin interviewing immediately and compare candidates with your needs, not other candidates.
Finding the right talent begins with recognizing the current market we live in. In a candidates’ market, the time you use when placing talent is a large factor in achieving success. Although you can’t change the job market, there are excellent resources that can be utilized to place skilled workers. Consider partnering with a trusted recruiting firm with necessary experience and a strong network to fill the gaps in your company.
Written by: Isaac Pirk, Talencio intern and student at North Central University, Minneapolis, MN.
Another related blog that may be of interest is “The Time to Fill Crisis”
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 9 years.
Sources
Hiring Time Increase
Succeeding in a Candidate Market
Unemployment Rates
Growth for Medical Device Companies